Coinbase Hacker Resurfaces After 2-Month Silence – Snags $12M in ETH Amid Market Frenzy

Crypto's least wanted just made a power move. After lying low since May 2025, the Coinbase exploit mastermind suddenly woke their cold wallet – and went on a $12 million Ethereum shopping spree.

The Heist That Keeps Giving

While exchanges beef up KYC for grandma's $100 deposit, hackers waltz through backdoors with 9-figure loot. The stolen funds – originally converted to privacy coins – just got a shiny new ETH makeover right as gas fees hit yearly lows. How's that for perfect timing?

DeFi's Dirty Laundry

The hacker's wallet now shows enough ETH to retire in Monaco – assuming they can cash out without triggering every blockchain analyst on Twitter. Meanwhile, Coinbase quietly updates its insurance policy fine print (page 47, subsection D).

Market Irony Alert: This $12M buy-in represents roughly 0.0001% of the ETH that'll change hands today between hedge funds pretending to understand zk-SNARKs.

ETH Supply Flow and Whale Signals

Onchain data shows that 76% of total ETH holders have been holding onto their tokens for more than a year. On top of that, 56% of ETH is in the hands of large addresses, which points to whale accumulation. Such a high level of concentration often comes right before market uptrends.

Lately, there’s been a noticeable shift in sentiment. Recent netflows reveal that $380.98 million in ETH has exited exchanges just this past week. This outflow could suggest that users are transferring their funds to cold wallets as a precaution against market volatility.

Also Read: Is the WazirX Hack a Lie? Users’ Question Official Story